There’s no shortage of corn in storage bins around the Midwest, thanks to a huge 2016 crop. But farmers are holding tight, waiting for higher prices. That has ethanol plants bidding up their basis. They’re in a buying mood thanks to the best margins in two years driven by the rally in crude oil. The latest report on ethanol production comes out this morning, on a day that also features what’s expected to be an increase rate increase from the Federal Reserve.

Listen to today's audio commentary with the online player. (just scroll down).

Solid margins have ethanol plants bidding up corn; and traders are looking toward the Fed today and the potential interest rate hike ahead.

Senior Editor Bryce Knorr first joined Farm Futures Magazine in 1987. In addition to analyzing and writing about the commodity markets, he is a former futures introducing broker and is a registered Commodity Trading Advisor. He conducts Farm Futures exclusive surveys on acreage, production and management issues and is one of the analysts regularly contracted by business wire services before major USDA crop reports. Besides the Morning Call on www.FarmFutures.com he writes weekly reviews for corn, soybeans, and wheat that include selling price targets, charts and seasonal trends. His other weekly reviews on basis, energy, fertilizer and financial markets and feature price forecasts for key crop inputs. A journalist with 38 years of experience, he received the Master Writers Award from the American Agricultural Editors Association. And you can follow Farm Futures throughout the day on Twitter at www.twitter.com/farmfutures.